Koninklijke Ahold Delhaize NV

AD: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ahold Delhaize Earnings: Encouraging Europe Performance Buoys Results

Verushka Shetty

Feb 12, 2025

We maintain our EUR 32.50 and $34 fair value estimates for no-moat Ahold Delhaize after the firm reported fourth-quarter results in line with our expectations. The firm reached its fiscal 2024 profitability target, supported by strong cost savings across regions. Guidance for 2025 was lower than expected with underlying operating margin expected to remain flat year over year. Shares fell around 5% following the announcement, which we think is largely a result of light US performance. Nevertheless, we think the firm’s investments and store closures will ultimately benefit the firm’s positioning in the long term.

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Koninklijke Ahold Delhaize NV

Ahold Delhaize Earnings: Encouraging Europe Performance Buoys Results

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